Illustrate the priority of claims in bankruptcy proceedings
Illustrate the priority of claims in bankruptcy proceedings?
Expert
In paying out claims, the trustee must pay claims in proper priority, or he may be personally liable to the creditors. Following identifies the priority among creditors:
Priority of Claims in Bankruptcy Proceedings:
1st: Secured Creditors:
Those with a security interest in a particular asset of the debtor or all of the debtor’s assets. Are exempt from the stay and can take possession of the secured assets for themselves.
2nd: Preferred Creditors Include creditors owed wages, taxes, rent, support payments, and administrative costs of trustee in bankruptcy. Have preference over unsecured creditors; preference and order of priority is defined by the Act.
3rd: General Unsecured Creditor’s Residual class of creditors. They are paid out rateably from the debtor’s liquidated assets after all other prior claims are settled.
Elucidate the different Categories of Law?
Explain what do you mean by Duty in tort?
What are the obligations during Employment?
Illustrate the types of bailment?
Illustrate the mortgagee’s remedies upon default?
In how many ways, law does protect confidential information?
What do you mean by acceptance of an offer?
Elucidate what do you mean by Corporate Governance?
Explain how contract may be terminated by Lapse and Revocation?
Illustrate points to remember while Delivery and Payment?
18,76,764
1955221 Asked
3,689
Active Tutors
1432473
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!